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World Bank allocates $ 12 billion to combat coronavirus

US, WASHINGTON (NEWS OBSERVATORY) — The World Bank has announced the allocation of an emergency support package of $ 12 billion, which should help poorer countries withstand the effects of the spread of coronavirus on citizens’ health and the economy.

Funding is aimed at helping developing countries strengthen their health systems and increase collaboration with the private sector to reduce the economic impact of the epidemic, Bloomberg reports citing a statement from the lender.

World Bank President David Malpass told reporters that the funds will be distributed based on an analysis of requests. Support will consist of $ 8 billion of new funds and $ 4 billion of redirected resources.

The World Bank statement came amid increased efforts by governments and central banks to combat the possible increase in damage to the global economy and further instability in the financial markets.

Malpass emphasized that funding is an initial response, saying that there are already scenarios that might require even more resources, and that the bank will adjust its strategy as necessary.

“The goal is to ensure quick and effective action that meets the country’s needs. It takes into account that the poorer countries have additional burdens,” he said.

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